Category: Dealership Training

Revealing Missed Sales Opportunities

Post author By efgmarketing
Post date August 30, 2024

Moving more metal is an uphill battle for everyone these days with lingering inflation, high interest rates, and consumer uncertainty. But how many of your customers are turning away because of financial uncertainty versus a subpar online experience?

Forget everything you thought you knew about how online sales inquiries are being handled at your dealership. Our database of more than 1,000 mystery shop inquiries from across the country uncovered hidden goldmines of missed sales opportunities, surprising customer perceptions, and a BDC truth so shocking it could revolutionize your approach to online sales.

Here are three of the biggest issues impacting missed sales opportunities. Read the full report in our e-book.

Tags dealership training, Mystery Shop, online car sales, White Paper

Dealership Training Economy

Leasing On the Rise Again

Post author By efgmarketing
Post date March 15, 2024

Vehicle affordability continues to be the albatross weighing down vehicle sales in 2024. While a joint forecast from J.D. Power and GlobalData reflects new vehicle sales rising 1.4 percent year-over-year to 1.21 million units, the average listing price in February was projected at $47,142. This amount is down one percent from early 2023. Regardless of this slight decline, when MSRP is combined with perniciously high interest rates, financing a new vehicle is still out of reach for a large part of the buying public.

But there is a trend worth noting that offers a glimmer of hope to the buyer who needs an affordable new vehicle – leasing! The Experian State of the Automotive Finance Market Q4 2023 reflects that the percentage of borrowers who choose to lease is up significantly. Leasing has always been popular with prime and super prime consumers. However, the auto industry saw a jump in subprime and near-prime leases as well.

Leasing Graphic from Experian — Source: Experian State of the Automotive Finance Market Q4 2023 Report

Tags Experian, F&I training, J.D. Power, Leasing, State of Auto Finance Market, Wall Street Journal

Dealership Training

Where Has Negotiation Gone?

Post author By efgmarketing
Post date November 9, 2023

At the beginning of October, Cox Automotive reported that while new vehicle sales declined 1 percent at the end of September, overall sales are up19 percent year-over-year. For used vehicles, sales increased 4 percent at the end of last month and are up10 percent year-over-year. While this might sound like a rosy projection for the remainder of the year, there are some troubling factors.

Auto loan rates moved higher to start October with an average new vehicle loan trending up to 9.95 percent and a used vehicle loan is tracking at 14.16 percent. Consumer sentiment is dipping down as the rate of inflation continues to impact Americans. Additionally, new vehicle supply is up 15 days year-over-year and holding steady, meaning vehicles may not move off your lot at a steady clip.

But there is a much bigger issue impacting your vehicle sales – failure to negotiate! I’m not talking about the hard-nosed, fight for every dollar type of negotiation. I’m talking about engaging closely with customers, understanding their needs and financial situation, and working with the entire dealership staff to find the right car for the customer.

Tags Negotiation